Jumat, Juli 16, 2021

BI Issues Provisions on Payment Service Providers

In an effort to provide fast, easy, inexpensive, safe and reliable payment systems that are in line with developments in business models, activities and innovations, as well as efforts to maintain stability and risk mitigation, Bank Indonesia ("BI") has issued Regulation No. 23/6/PBI/2021 on Payment Service Providers ("Regulation 23/2021").
In general, payment service providers ("Providers") organize activities that encompass the following elements: 1) Provision of information on sources of funds; 2) Initiation of payments and/or acquisition of services; 3) Administration of funding sources; and/or 4) Remittance services.
All parties acting as Providers are required to secure licenses from BI by fulfilling various license requirements, as determined by BI and which comprise the following aspects: 1) Institutional aspect; 2) Capital and finance; 3) Risk management; and 4) Information system capabilities.
Said licenses are to be granted in accordance with three license categories, while initial capital requirements for these three respective types of Providers are determined as follows: 1) For category one licenses: at least Rp. 15 billion; 2) For category two licenses: at least Rp. 5 billion; and 3) For category three licenses, at least: a) Rp. 500 million for prospective Providers that do not provide systems that can be used by other category three license Providers; or b) Rp. 1 billion for prospective Providers that provide systems that can be used by other category three license Providers.
BI provides a trial space for the development of innovations in payment system technologies, which encompass: 1) Products; 2) Activities; 3) Services; and 4) Business models that utilize innovative technologies within the digital economy and finance ecosystem in order to support the implementation of payment systems.
Regulation 23/2021 has been in force since 1 July 2021.

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In an effort to provide fast, easy, inexpensive, safe and reliable payment systems that are in line with developments in business models, activities and innovations, as well as efforts to maintain stability and risk mitigation, Bank Indonesia ("BI") has issued Regulation No. 23/6/PBI/2021 on Payment Service Providers ("Regulation 23/2021").
In general, payment service providers ("Providers") organize activities that encompass the following elements: 1) Provision of information on sources of funds; 2) Initiation of payments and/or acquisition of services; 3) Administration of funding sources; and/or 4) Remittance services.
All parties acting as Providers are required to secure licenses from BI by fulfilling various license requirements, as determined by BI and which comprise the following aspects: 1) Institutional aspect; 2) Capital and finance; 3) Risk management; and 4) Information system capabilities.
Said licenses are to be granted in accordance with three license categories, while initial capital requirements for these three respective types of Providers are determined as follows: 1) For category one licenses: at least Rp. 15 billion; 2) For category two licenses: at least Rp. 5 billion; and 3) For category three licenses, at least: a) Rp. 500 million for prospective Providers that do not provide systems that can be used by other category three license Providers; or b) Rp. 1 billion for prospective Providers that provide systems that can be used by other category three license Providers.
BI provides a trial space for the development of innovations in payment system technologies, which encompass: 1) Products; 2) Activities; 3) Services; and 4) Business models that utilize innovative technologies within the digital economy and finance ecosystem in order to support the implementation of payment systems.
Regulation 23/2021 has been in force since 1 July 2021.

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